The Deal Makers - An Agora production podcast

S3E21- Sam Morris - Is 2025 the new 2010 for multifamily investors?

Agora Season 3 Episode 21

In this episode of the Dealmakers Podcast, host Asaf Raz chats with Sam Morris, Partner at Lone Star Capital, about navigating today’s multifamily market with discipline and long-term focus. Sam shares his journey from banking and underwriting to raising capital and leading large-scale workforce housing investments in Texas. He offers candid insights into investor sentiment, shifting competition dynamics, and why focusing on resident experience remains the key to success—regardless of market noise. Sam also discusses why Lone Star hasn’t closed a deal since December, how competition is heating back up, and why this moment in real estate reminds him of 2010.

Chapters:

00:01 – Introduction to Sam Morris and Lone Star Capital

01:03 – Lone Star’s portfolio and focus on workforce housing

02:05 – The firm’s niche, growth strategy, and entry into new markets

04:27 – Sam’s background: Banking, underwriting, and capital raising

06:22 – Transitioning from underwriting to fundraising

09:10 – How Lone Star filters out macro noise to stay resident-focused

13:00 – LP sentiment in volatile markets

15:00 – Fundraising strategy and current deal pipeline

17:02 – Competition, market activity, and what’s changing in Texas

20:17 – The return of bidding wars and positive leverage

23:20 – Why today reminds Sam of 2010

24:58 – Shameless Plug: Co-GPs, LPs, and equity partners welcome


Get in touch with Sam:

LinkedIn: Sam Morris

Website: Lone Star Capital

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